Mr. Richard Gonzalez reports

PETRO-VICTORY ENERGY CORP ANNOUNCES EXTENSION TO US $1,700,000 NOTE

Further to press release dated Oct. 6, 2022, and Feb. 14, 2024, Petro-Victory Energy Corp. has extended the term of a $1.7-million (U.S.) of secured financing from 579 Max Ltd. (the lender). The financing bears interest payable quarterly at the rate of 14 per cent per annum. The note was due March 31, 2025, but has been extended by 12 months to March 31, 2026.

In connection with the original financing, the lender was issued 600,000 bonus warrants which have expired concurrently with the extension. As consideration for the extension, the company has granted 579 Max 600,000 warrants to purchase a like number of common shares at an exercise price equal to $1.25 per share, which shall expire on March 31, 2026.

The financing and the issuance of the warrants each constituted a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101) as the lender is a related party (as defined in MI 61-101) of the company. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(b) of MI 61-101 in respect of related party matters, as the company is listed on the TSX Venture Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeds $2.5-million (as determined under MI 61-101).

The extension and issuance of warrants remains subject to TSX-V final acceptance.

About Petro-Victory Energy Corp.

Petro-Victory Energy is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds 100-per-cent operating and working interests in 38 licences totalling 257,604 acres in two different producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high-impact, low-risk assets. The company's common shares trade on the TSX Venture Exchange under the ticker symbol VRY.

We seek Safe Harbor.